20K TAX BREAKS – Take advantage while it is here!
Of course you would have heard the news & like many it kind of makes sense. If you haven’t heard yet the news is that if you are a Small business operating in Australia you can claim an instant tax deduction on as many individual items that are used to run your business so long as that purchase is under 20k.
So, if there are purchases and equipment that your business needs, perhaps a revamp of your signage, pull up banners or shop point of sales displays, A refresh of your uniforms, custom bags or compendiums or maybe even flash drives or custom chargers, Then now would be an ideal time to read the below and make contact with one of our brand experts. The $20k immediate deduction applies as many times as you like so you can use it for multiple individual purchases. If you purchase before 30 June 2015, you will get 30 cents back in tax on these purchases*
What is the $20k tax break?
Any business turning over under $2m can claim immediate tax deductions for as many sub $20k purchases made up until June 30, 2017 – You can now claim immediately rather than having to claim these purchases as deductions spread over several years. Seeing a dramatic increase from the current 1k instant asset write-off threshold.
Can you take advantage?
If your business demonstrates activity via quarterly BAS Statements then YES you can. If you are part of the 97.5% of Australian businesses that fall below 2m turnover then YES If your business is profitable as deductions can only be made if the business is recording profit for that FY.
Ideas before June 30, speak to us!